Concurrent Investment Advisors LLC Buys 551 Shares of The Progressive Co. (NYSE:PGR)

Concurrent Investment Advisors LLC boosted its stake in The Progressive Co. (NYSE:PGR) by 10.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,076 shares of the insurance provider’s stock after acquiring an additional 551 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Progressive were worth $1,456,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGR. Foundations Investment Advisors LLC acquired a new stake in Progressive in the 3rd quarter valued at $212,000. Private Advisor Group LLC increased its stake in Progressive by 10.9% in the 3rd quarter. Private Advisor Group LLC now owns 11,958 shares of the insurance provider’s stock valued at $3,034,000 after buying an additional 1,176 shares during the last quarter. International Assets Investment Management LLC increased its stake in Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after buying an additional 594,330 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Progressive by 10.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 18,371 shares of the insurance provider’s stock valued at $4,662,000 after buying an additional 1,789 shares during the last quarter. Finally, Silver Oak Securities Incorporated increased its stake in Progressive by 299.7% in the 3rd quarter. Silver Oak Securities Incorporated now owns 4,924 shares of the insurance provider’s stock valued at $1,236,000 after buying an additional 3,692 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 11,021 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $2,681,299.09. Following the completion of the sale, the chief executive officer now owns 473,736 shares of the company’s stock, valued at $115,255,231.44. The trade was a 2.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Lori A. Niederst sold 3,855 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $247.06, for a total transaction of $952,416.30. Following the sale, the insider now directly owns 39,040 shares of the company’s stock, valued at approximately $9,645,222.40. This trade represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,361 shares of company stock valued at $13,983,575 in the last quarter. Company insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.6 %

Shares of PGR opened at $265.99 on Friday. The Progressive Co. has a 52 week low of $186.94 and a 52 week high of $270.79. The firm has a market cap of $155.82 billion, a P/E ratio of 18.47, a price-to-earnings-growth ratio of 1.70 and a beta of 0.42. The firm’s 50-day simple moving average is $246.89 and its 200 day simple moving average is $249.12. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio is currently 2.78%.

Wall Street Analyst Weigh In

PGR has been the topic of several recent research reports. TD Cowen lifted their price target on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research note on Friday, January 3rd. BMO Capital Markets lowered their price objective on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Wells Fargo & Company boosted their price objective on shares of Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $276.12.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.